A general power of attorney (POA) for real estate and property is useful as the legal document allows you in giving someone authority in buying property for you, selling it or any other transaction concerning property that you own. An agent is the person that will represent you and this should be the person that you trust completely to take care of your property-related affairs for you.
Read more: Power of Attorney Rights and Limitations
A general POA for property and real estate in UAE is conventional, which means the legal document will expire as soon as the principal, person providing power to another individual or business entity, dies or becomes incapacitated. If you want your document to stay in effect after you become incapacitated, then a durable POA is needed for you instead.
In the United Arab Emirates, an agent is also called as the attorney-in-fact. The two terms refer to the same thing and they are both acceptable in the eyes of the law.
When a General POA for Property is Useful
A POA for property can be useful for different situations. The most common ones are as follows:
- You’ll be unreachable or unavailable during the time when necessary real estate documents have to be signed;
- You’ll live far from the real estate you own and you’re in need of someone else to manage the property in your absence;
- You’ll not be available in looking after the property for a certain period of time
If you know you need an agent for property and real estate transactions, it’s going to make sense to utilize a general real estate POA. A POA for property and real estate is somewhat short and the language is straightforward to allow an agent perform the tasks that are laid in the legal document. Title companies and mortgage lenders are more comfortable and trusting when the power of attorney used for property has been narrowed and tailored to specific purposes.
Find more info: Risks Associated in Signing a (POA) Power of Attorney
Who can create a POA for property and real estate?
In UAE, you’ll be able to create if you’re of legal age and of sound mind. We suggest you speak with an attorney that specializes in power of attorney drafting in UAE in order to make sure that your power of attorney will be considered valid by third parties.
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How much does it cost to make a POA for property in UAE?
The price in making a general power of attorney for property in UAE shouldn’t set you back, most especially when you consider its use and convenience. Still, you may be wondering how much it is to have a power of attorney drafted in UAE. We suggest you talk to an expert in drafting the document as prices can differ. Take note: prices can differ as there are differences to the customer service you receive and the quality of the document. It’s not advised to cut costs in this area as it is risky to provide someone else authority without you being specific in the document’s terms or provisions. Remember that a power of attorney can be abused if it has not been drafted carefully.
Apart from the power of attorney drafting, you may also have to pay for notarization. Recording and notarization are both required in order to make legal documents such as POAs in UAE legal.
The power of attorney holder or the agent you have assigned authority may also require payment from you. You may provide compensation to your agent. If you decide in putting the fee in the legal document, it will be up to you to decide on the amount that is fair. You can also set up a different agreement with your agent for the compensation.
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How can I make sure that my property POA is accepted?
POAs are common not only in UAE but anywhere in the world. Financial institutions also make use of them on the regular. Your agent, if he/she has the properly executed POA document, shouldn’t have any issues getting people and institutions to accept the authority that was assigned to him/her.
The most important aspect in ensuring financial institutions, title companies, and mortgage lenders accept your POA for property is to talk to them personally prior to you signing the document and assigning powers.
Make sure that they’re willing in accepting a power of attorney specifically for real estate and property as well as the authority of the agent. Your financial institution can ask you to make sure your POA has certain language. They may even suggest you to use their own POA. If so, then comply with their wishes. This can be the best option if you will be working only with a single financial institution.
Find more: How a property lawyer in UAE can help
If you want your issues and questions addressed by seasoned attorneys and a legal drafting team in Dubai, call us today here at HHS Lawyers!